With support from the Indiana School Facilities Loan Fund, projects financed by IFF have led to the creation of 2,300 new charter school seats in Indiana.
Phalen Leadership Academy in Indianapolis, IN, received a $900,000 loan from IFF to buy the facility it has been leasing from Charter School Development Corporation. Phalen has a record of academic excellence; students at PLA’s current campus were 100 percent proficient on the spring 2015 Indiana Reading Evaluation and Determination assessment. All of the students are from low-income households.
About $1.7 million in loans will help open ACE Prep Academy (ACE Prep), a new K-5 charter school in Indianapolis, IN. ACE Prep is in a high-need area according to IFF research. IFF’s financial services are supplemented by thorough research to prioritize the distribution of resources in high-need areas. In 2013, IFF released a study that identified neighborhoods in Indianapolis most in need of K-12 school seats. This study allows IFF and community leaders to target efforts toward the most underserved areas.
Paramount School of Excellence is a K-8 charter school that is also in a high-need area in Indianapolis. Paramount recently received a $1.5 million loan and $200,000 credit enhancement from IFF to expand its current building and accommodate more students. This expansion will add four new classrooms, a cafeteria, and an art and music room, in addition to creating 70 new seats for students and five new full-time positions.
Since 2008, IFF has made nearly $22 million in loans to building, renovating, and expanding Indiana charter school facilities.